Why Pomp Invested 50% of His Wealth in Bitcoin

Why Pomp Invested 50% of His Wealth in Bitcoin


So Anthony, you recently predicted Bitcoin
will reach $100,000 by the end of 2021. So what makes you so confident about this
prediction? Yeah. The prediction here is simply based on Bitcoin
being a asset that has a fixed supply and a belief that supply and demand economics
will continue to remain valid. Anytime you have a fix supply asset demand
increases then price has to go up. And so that leads to the question as to what
will make demand increase. And I think that there’s a number of factors
that are important to call out. The first is the macro environment. So this is central banks cutting interest
rates and printing more money as we enter a new recessive period. Second to that is all of the global instability
trade wars. So as we see things playing out with Mexico
and China on the trade front and then also the global instability around Hong Kong I
ran Argentina Venezuela etc. More and more people want to have exposure
to an algorithmically driven monetary system. They are not comfortable continuing to expose
their wealth to a human led system in which we know that these leaders and the elites
are openly manipulating the currencies and the economies in which we live. And so all we’re seeing is an increase in
demand because more and more people want that safe haven asset. That predictability that transparency see
that Bitcoin brings. That we’re just not getting in the fiat system. And so I think anytime we have an increase
in demand fix supply asset price will go up. And my guess is that we’ll see $100,000 before
the end of a 2021 year. So in one of your latest articles you claim
that Bitcoin has the potential to become a global reserve currency and you also said
that Bitcoin is the first currency that is focus on defense instead of offense. What do you mean by that? For sure the nation state with the greatest
military has always controlled the global reserve currency. So if you go all the way back to ancient Athens
if you look at the Roman Empire all the way on up to today with the United States that
great military superiority has always led to control of the global reserve currency. The problem is where we are going in a more
cyber or digital world. The bombs the bullets the tanks the fighter
jets et cetera aren’t nearly as important as they used to be. So in that cyber driven world the things that
previously have allowed a nation state to control the global reserve currency military
superiority economic sanctions etc. All the sudden are much less effective. And what I believe is going to occur is the
country or the monetary system that has the greatest defense actually is in a position
to dominate. And what I mean by that is bitcoin has no
bombs it has no soldiers it has no fighter jets it simply has the most secure computing
network in the world. There is no one CEO to go and arrest. There is no one headquarters to go to and
raid. There is no one to send a letter to from a
congressional hearing and say hey stop. This is a fully decentralized global network
that is very very difficult for a uncoordinated governments around the world to address and
so I think that what we’re seeing is bitcoin’s defense first approach actually leads to a
great offense and drastically increases the probability that bitcoin will one day be the
global reserve currency of the world. So you said that Bitcoin doesn’t have a CEO
but talking about another currency which actually has a CEO – Libra, the Facebook’s cryptocurrency. This is a currency that to actually welcomed
as it’s probably going to bring bitcoin into the mainstream but still this currency is
not gonna be anything similar to Bitcoin in terms of decentralization. So aren’t you a little bit concerned about
the privacy, the potential privacy threats that Libra can have on the crypto community
and also done to thing that Libra could potentially suck oxygen out of Bitcoin? Yes it’s I think it’s important to call out
why Libra is so bullish for bitcoin. You know Facebook made two announcements:
one is Libra which is a somewhat distributed among 28 different institutions today with
the goal of getting to 100 different institutions around the world. It is a digital currency right. It’s used to purchase goods and services and
to send monetary value between individuals or organizations. The second announcement they made was Calibra
which is a digital wallet. The Libra currency I think will do a lot of
benefit to Bitcoin by helping to educate, helping to familiarize folks with digital
currencies in general, and then Calibra, the wallet. Today it will only support Libra. I believe in the future it will support bitcoin
Ethereum and other crypto currencies, then it will eventually support tokenized securities. So every stock, bond, currency and commodity,
and then at some point it’s likely to also support data. Your digitized data. Think of your medical health records etc.
all held in one central location which is that Calibra wallets non-custodial so you
have full control and you permission people in and out whether it is your assets or your
data. Now when it comes to Bitcoin, Bitcoin benefits
from Libra through that education, familiarization the marketing, the onboarding and then on
the Calibra side, if Facebook gives a digital wallet to two plus billion people and all
of a sudden add support for bitcoin into that digital wallet, that is a massive inflection
point when it comes to user adoption and one that I think is likely to occur at some point
in the future. I don’t think that the data issues that Facebook
has been labeled with recently are solely Facebook’s issue alone. I actually think that most large technology
companies have similar issues. And so what we actually are uncovering here
is the users of these internet services have had no clue what data is being collected how
it’s being used etc. but in many cases we’ve actually signed off on it when we sign terms
and conditions etc.. What I think is happening in the cryptocurrency
world and around bitcoin specifically is people are much more vocal right they’re much more
aware of how their data is being used what it’s being used for where it’s being exposed. What is the security. Do I control it. Do I not. And so again I think that Calibra is going
to be held to the same standard that you see Bitcoin holding different products to crypto
Twitter on Reddit etc. and once we actually have that information I think that the market
will decide if Calibra is adopted it will be because it is a product that provides value. If it’s not adopted it’s because it either
didn’t provide value or somebody provided more value than Calibra did. Over 50% of your wealth is actually invested
into bitcoin. So many traders say that when you get into
the space you should never invest more than what you actually ready or that you can actually
afford to lose. So don’t you think that putting over 50% of
your wealth in bitcoin is quite a risky move? Yeah I think that risk is relative for every
individual. Right. So obviously when it comes to to me personally
the decisions that I make I have a very clear risk profile that I’m willing to undertake. I understand kind of not only from a portfolio
sizing perspective but also a timeline perspective. I think that there’s also an element of education
or or some level of expertise and experience given that I spend my full time job looking
at this stuff and so when you ask me where is the best place to put my wealth. I would make the argument that having 100%
exposure to fiat currencies is a really bad idea. Right because it’s one of those fiat currencies
that have a hundred percent of your wealth in either hyper inflates or fails. You’ve got a lot of problems and so just like
there is an encouragement of diversification in other assets. I also think in what I call a cash position
there needs to be more diversification and so that leaves the question of how much should
you divert from the fiat currency into bitcoin or some other digital currency. I think that question has to be answered by
each individual themselves but I don’t think that it’s really a prescriptive thing where
myself or anyone else can can give a number or percentage without actually talking to
an individual or an organization about what their specific situation is and what their
goals are.

26 Comments

  1. Cointelegraph says:

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  2. Julian Cornel says:

    i kind of am skeptical with this projection, fake news everywere, you can imagine bloomberg telling us about how high the bTc market will rise up to the 20,000 mark and 4 days after it fell down to $10, 000 mark from the initial 13, 000 https://youtu.be/-f51_pp92RM

  3. coolezum says:

    💸💰love crypto but, words are all speculation. Anytime I hear someone state price, crystal ball?

  4. Gaël des Montagnes Noires says:

    Grayscale's second biggest holding after Bitcoin is 🥁🥁🥁Ether Classic💚

  5. Andrea - says:

    Why not 100%… Pussy

  6. hr 777 says:

    face book libra coin is the trojan horse of central banks

  7. dari duke says:

    Pomp pumping bitcoin…. 👍

  8. Chris hayes says:

    Pomp!

  9. Map to Success says:

    Big Pomp or Lil Pomp?! 🧐

  10. Fabrice Manzo says:

    are you guys twins?

  11. Crypto League says:

    Nice Content. I´ve posted a video with a big Bitcoin and Altcoin history analysis and the information that i found will answer any question (Bitcoins next step, Altcoins pump, entry point, bull market).

  12. Jason Kellogg says:

    He looks like he’s invested the other 50% in heroine 🤦🏽‍♀️😂

  13. Mike OZ says:

    His prediction was foretold by his local village gypsy!

  14. Cj J says:

    Smart man

  15. Renata Frisco says:

    Why has the recent rise in Bitcoin price not also happened for alt-coins? Is Bitcoin traded differently or on some exchanges, or some other reason?

  16. Min as mean says:

    My guess is 335USD K

  17. samacumen says:

    Pomp the Bitcoin Pump!

  18. Classborn says:

    Pomp!

  19. Douglas S. Noble says:

    AGAIN AGAIN AGAIN! LIBRA IS NOT CRYPTO CURRENCY IT IS A FIAT PEGGED DIGITAL CURRENCY

  20. Shreedhar Jajoo says:

    Bitcoin isnt scalable though, the fees will keep going up how will it become a currency?

  21. TheWolf OfMainStreet says:

    Pomp it…

  22. Mike Jones says:

    I have 100% of my wealth in btc… all $100

  23. Hodl Helper says:

    This episode perfectly illustrates why I unfollowed Cointelegraph on all channels. Speculations, predictions and forecasts. I will come back once you started to provide us with useful news instead of sensational bulls*it.

  24. CryptoANYTHING says:

    Well coordinated pump will get it there

  25. LittlePaws says:

    This guy has big eyebrows like caterpillars😁

  26. PRINCEBULLIONICCE GOD says:

    Ok lets

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